(PUB) Morningstar FundInvestor
May 2 014
Morningstar FundInvestor
23
Data through April 30, 2014 Becker Value Equity Retail
Ticker
Status Yield Total Assets
Mstar Category
BVEFX Open
1.0% $299 mil
Large Value
Morningstar Analyst Rating 05-02-14
Investment Style Equity Stock %
Historical Profile Return Risk Rating Above Avg Below Avg Above Avg
92% 100% 94% 96% 98% 99% 94% 96%
´
Manager Change Partial Manager Change
Morningstar Pillars Process Performance
13.0 16.0 19.0 22.6
Growth of $10,000
Positive Positive Positive Neutral Positive
¶ ∞ ∞ ∞ ∞
Investment Values of Fund Investment Values of S&P 500
People Parent Price
10.0
Performance Quartile (within Category) History
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 04-14
Morningstar Analyst Rating Morningstar evaluates mutual funds based on five key pillars, which its analysts believe lead to funds that are more likely to outperform over the long term on a risk-adjusted basis. Analyst Rating Spectrum Œ „ ´ˇ ¨
10.75
12.25 14.67 3.79 -1.82 0.39 14.28
12.80
14.24 15.78 -0.01 -6.47
13.54
9.28
11.65 26.92
12.92 12.17 -2.89 -3.34
12.67 -0.65 -2.76 -1.04 1.30 -1.95
14.46 15.66 -0.34 -1.85
18.28 36.40
18.63 1.91 -0.65 6.63 0.00 1.91
NAV
9.24 4.33 2.19 0.68 8.56 0.08 0.50 1.00 0.75 19
-30.53 2.65
Total Return %
. . . . . .
-2.84 2.82 1.14
6.47 6.32 0.90
0.46 7.23 1.39
4.01 3.87 1.42
+/-S&P 500
+/-Russ 1000 Vl Income Return % Capital Return %
1.07
1.27
1.54
14.71
-31.43 1.51
25.53
10.90
14.12
34.98
27
80
44
10
28
69
48
39
10
78
Total Rtn % Rank Cat
Pillar Spectrum Positive ∞
0.00 0.00
0.04 0.03 1.20 0.14
0.14 0.45 1.00 1.15
0.16 0.91 1.00 1.14
0.12 0.00 0.99 1.10
0.13 0.00 0.95 1.62
0.15 0.00 0.95 1.19
0.17 0.00 0.95 1.33
0.20 0.00 0.93 1.49
0.21 1.21 0.93 1.40
0.00 0.00 . . . 114
Income $
§ Negative
¶ Neutral
Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil
. . .
Performance 04-30-14 1st Qtr 2nd Qtr
3rd Qtr
4th Qtr
Total
26 26
35 38
30 57
39 61
46 61
45 90
18
34 80
27 84
38 97
2010 2011 2012 2013 2014
4.38 -11.18 10.19 9.82 12.17 5.73 -0.44 -15.66 11.91 -0.65 11.13 -4.05 5.40 2.91 15.66 11.00 3.61 7.28 10.56 36.40 2.30 . . . .
3
114
Portfolio Analysis 03-31-14 Share change since 12-13 Total Stocks:65 Sector
Rating and Risk Time Load-Adj
PE Tot Ret% % Assets
Morningstar
Morningstar Risk vs Cat
Morningstar Risk-Adj Rating
Period Return % Rtn vs Cat
AT&T Inc
Comm Svs 10.5 4.15 2.27 Technology 15.2 8.74 2.18 Hlth care 12.6 4.83 2.16 Comm Svs 15.0 12.37 2.13 Finan Svs 12.9 -2.98 2.11 Technology 18.0 13.20 2.10 Technology 11.4 -10.42 2.02 Cnsmr Def 88.5 -2.63 2.01 Cnsmr Def 16.4 1.91 2.01 Finan Svs 11.3 9.51 2.01 Cnsmr Cyc 19.7 -11.58 2.00 Basic Mat 33.7 -5.31 1.99 Finan Svs 20.4 3.00 1.97 Finan Svs 11.8 4.93 1.96 Technology 20.3 -3.10 1.96 Technology 14.4 3.70 1.95 Finan Svs 10.2 -4.19 1.93 Cyclical 31.20 1.08 BasicMat 2.01 0.66 . . CnsmrCyc12.56 1.46 . . FinanSvs 15.26 0.97 . . Real Est 1.37 0.94 . . Sensitive 46.76 1.07 CommSrvs 4.98 1.24 . . Energy 13.59 1.27 . . Industrl 10.53 0.93 . . Technlgy 17.66 1.01 . . Defensive22.04 0.80 CnsmrDef 9.28 0.76 . . Hlthcare 10.07 0.85 . . Utilities 2.69 0.75 . . h r t y u j i o p a k s d f Energy Energy 11.3 1.29 2.05 13.5 -1.75 2.04 Energy 14.4 -0.93 2.01 Sector Weightings % of Stocks Rel S&P 500 High 3 Year Low
1 Yr 3 Yr 5 Yr
22.87 13.60 18.32
Trailing
Total
+/-
+/- Russ %Rank Growth of
Microsoft Corporation
Return% S&P 500 1000 Vl
Cat
$10,000
+Avg
Avg -Avg -Avg
Aetna Inc Directv
3 Mo 6 Mo 1 Yr
5.73 -0.50 7.49 -0.87 22.87 2.43 13.60 -0.23 18.32 -0.82 8.80 1.13
8.77 6.31 1.63 3.50 -1.95 0.14
84 10,573 71 10,749 12 12,287 25 14,660 36 23,189
Avg
10 Yr Incept
8.80 9.25
+Avg
JPMorgan Chase & Co
Amdocs Ltd. Chevron Corp
3 Yr Avg 5 Yr Avg 10 Yr Avg 15 Yr Avg
Other Measures
Standard Index
Best Fit Index
Murphy Oil Corporation
S&P 500
R3000
11 23,243 . . . . . Tax Analysis Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat
NCR Corporation
Alpha
-0.5 1.03
0.3
Bunge Ltd
Beta
0.98
Wal-Mart Stores Inc PNC Financial Services G National Oilwell Varco, Johnson Controls Inc Plum Creek Timber Co Inc Marsh & McLennan Compani
R-Squared
97
98
3 Yr (estimated) 5 Yr (estimated) 10 Yr (estimated)
12.60 17.57
22 29
0.87 0.64 0.71
62 54 32
Standard Deviation
12.97 13.60
Mean
8.02
7
Sharpe Ratio
1.05
Potential Capital Gain Exposure: 25% of assets
Allstate Corp
Morningstar’s Take by Jeff Holt, CFA 05-02-14 Becker Value Equity’s team approach helps to mitigate concerns about an upcoming retirement. Longtime portfolio manager Robert Schaeffer, a nearly 30-year veteran of Becker Capital, is planning to retire from the industry in June 2014. Professional turnover is rare at Becker: Aside from Schaeffer and founder Patrick Becker Sr., who retired in 2012, the team has seen no departures. Following Schaeffer’s retirement, the team will consist of four portfolio managers and four analysts (managers also have general analyst responsibilities), and five of those members have been with Becker for at least 15 years. The team’s stability and high level of experience inspire confidence in its ability to continue carrying out the firm’s established investment process. That process relies on bottom-up, fundamental research to identify higher-quality companies that are trading at a discount and are expected to rebound over the coming year. For example, the team added Plum Creek Timber PCL, the largest timberland owner in the United States, in the fourth quarter of 2013 based on
IAC/InterActiveCorp
Intel Corp Chubb Corp
the company’s attractive price-per-acre valuation and the team’s belief that the firm would be well-positioned to benefit from a continued housing recovery. The team also finds the company’s free cash flow attractive. Since the stock’s purchase, an acquisition and earnings disappointment have caused its price to decline; the team remained confident in the fundamentals and subsequently added to the position, reflective of its common practice of trading around positions based on price movements. The fund has posted solid results over the long term, outpacing the Russell 1000 Value Index by 1.1 percentage points annualized and earning a top-decile ranking in the large-value category over the 10-year period through March 2014. The downside protection afforded by the team’s emphasis on higher-quality companies and nearer-term catalysts helped the fund during the market crisis from late 2007 through early 2009. While the fund may underperform at times, particularly when markets climb, the team has the wherewithal to build upon its strong record.
Current Investment Style
Market Cap % Giant 26.9 Large 44.8 Mid 26.8 Small 1.4 Micro 0.0 Avg $mil: 35,742
Value Blnd Growth
Large Mid Small
Value Measures Price/Earnings Price/Book Price/Sales Price/Cash Flow Dividend Yield % Long-Term Erngs Book Value Sales Cash Flow Historical Erngs Growth Measures
Rel Category
14.52 1.91 1.03 6.22 2.49
1.10 1.12 0.89 1.03 0.91 1.12 1.18 2.15 1.67 1.43
% Rel Category
9.84 6.07 3.20 9.16 4.98
Composition - Net
Cash 1.0 Stocks 99.0 Bonds 0.0 Other 0.0 Foreign 5.3
Address:
2960 N. Meridian Street, Suite 300 Indianapolis, IN 46208 800-551-3998 www.beckervaluefunds.com
Minimum Purchase: Min Auto Inv Plan:
$2500 $2500
Add: $100 IRA: $2500
Add: $100
Profitability
% Rel Category
Sales Fees:
No-load, 1.00%R
Return on Equity Return on Assets Net Margin
15.43 6.77 11.42
0.95 1.13 0.96
Web Address: Inception: Advisor: Subadvisor: NTF Plans:
Management Fee:
0.55%
(% of Stock)
11-03-03
Actual Fees:
Mgt:0.55% Dist: .
Becker Capital Management, Inc.
Expense Projections: Income Distribution:
3Yr:$311 Annually
5Yr:$546 10Yr:$1218
None
Fidelity Retail-NTF, Schwab OneSource
Mutual Funds ß ®
© 2014Morningstar, Inc.All rights reserved. The information herein isnot representedorwarranted to be accurate, correct, complete or timely. Pastperformance isnoguarantee of future results.Access updated reports at To order reprints, call 312-696-6100. mfb.morningstar.com.
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